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Public Service Loans - conditions of employment
Has the IRS defined what constitutes a “certain period of time” under 26 USC 108(f)(1)?
Hello AJM218. Sorry for not replying sooner. As you may know, spring is Heather’s busiest travel season as she spends several days of practically every week that semester on the road speaking at various colleges and universities to help them understand their student loans and their options for repayment. My name is James and I am Heather’s Communications Director (and husband).
The paragraph that you are referring to in your post above is, of course as follows:
(f) Student loans
(1) In general
In the case of an individual, gross income does not include any amount which (but for this
subsection) would be includable in gross income by reason of the discharge (in whole or in part) of
any student loan if such discharge was pursuant to a provision of such loan under which all or part
of the indebtedness of the individual would be discharged if the individual worked for a certain
period of time in certain professions for any of a broad class of employers.
Generally speaking, assuming that you are interested in Public Service Loan Forgiveness, a borrower can qualify for PSLF by making the right kind of payment on the right kind of loan while you are working in the right kind of job. To learn more about PSLF, please check this link: http://askheatherjarvis.com/uploads/images/Five Easy Steps for PSLF v_2.pdf.
If I am incorrect about your interest in PSLF, please let me know and I will direct your question to Heather to clarify.
Best,
James Jarvis
Communications Director
Heather Jarvis, Student Loan Expert LLC
Consider a small loan from your credit union or a small loan company. Some banks may offer short-term loans for small amounts at competitive rates. A local community-based organization may make small business safe-loan to people. A cash advance on a credit card also may be possible, but it may have a higher interest rate than other sources of funds: find out the terms before you decide. In any case, shop first and compare all available offers.